Back on Track
After global financial tsunami, investors are now regaining confidence in Australian housing market.
It looks like the global economy is recovering from last year’s depression. And in countries like Australia, the housing prices are expected to continue a positive momentum.
In fact, the Reserve Bank of Australia (RBA) has increased their interest rate in the last three consecutive months and most analysts believe that property prices won’t get affected until late 2010.
Australia has weathered the Global Financial Crisis probably better than anywhere else. Sydney and Melbourne have recorded average price rises of over 14 percent for the period from September 2008 to October 2009. In fact, many areas in Melbourne particularly moved up over 35 percent, so whilst many investors sat on the sidelines watching the market, they missed substantial growth.
Foreign investors who are eyeing on Australia, Citylife International’s managing director Michael Bentley, Managing Director says that the best residential property markets are likely to be within 15 kilometres of the two cities’ Central Business Districts. He suggests the places to invest in Sydney are Jacksons Landing on the Harbour; Green Square, and the lower North Shore. Each has its own superb master planning and of course a convenient location.
In Melbourne, with its property market recorded a growth of 12.5 percent, it’s good to invest in South Yarra for its close to the city, train line and million dollar houses. Other places that offer opportunities are parts of South Melbourne and new Upper West Side.
The main reason for choosing these places is because the rental occupancy rates in these areas are outstanding and rental returns are strong. These areas are expected to rise between 5 to 8 percent this year, and long-term investors could expect to see a doubling in prices between now and between 2016 and 2021.
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